Is Ottawa, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Ottawa is a seller's market

Buyer's
Market

Difference Since March 2023

Since last year, Ottawa has remained a Seller's Market.

Key Takeaway

Ottawa is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Ottawa, IL

How much do homes in Ottawa, IL cost?

Median Sold Price

$174,000

$118/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$22,750(+15.0%)

Key Takeaway

Homes in Ottawa have sold for 15% more than they did a year ago.

Summary: The median home sold price in Ottawa was $174,000 in March 2024, up 15% from last year, and the median price per square foot was $118.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $66K$165K
+150.0%
2 $120K$140K
+16.7%
3 $158K$175K
+10.8%
4 $200K$240K
+20.0%
5+ $200K$320.2K
+60.1%

Summary: Ottawa housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 150%, 2 bedroom homes increased by 16.7%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 60.1%.

Median Sold Price Compared To Nearby Cities

Ottawa Township
+28.2%
Ottawa
+15.0%
South Ottawa Township
+12.0%

Housing Supply in Ottawa, IL

How many homes are available in Ottawa, IL?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
5464+18.5%

Summary: The Ottawa real estate market had 64 homes for sale in March 2024, a 18.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 12
+100.0%
2 1416
+14.3%
3 2329
+26.1%
4 1415
+7.1%
5+ 22
0.0%

Summary: The Ottawa housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 14.3%, 3 bedroom homes increased by 26.1%, 4 bedroom homes increased by 7.1%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1415+7.1%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Ottawa, you may be able to get a good deal. 60% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Ottawa in March 2024, up by 7.1% month-over-month. Of the 15 sold homes, 60% were sold under asking, 7% were sold at asking, and 33% were sold over asking.

Days on Market for Ottawa, IL

How long does it take to sell a home in Ottawa, IL?

Average Sale Time

Mar 2023Mar 2024CHANGE
61 Days43 Days-30.3%

Summary: Homes in Ottawa had an average of 43 days on market in Mar 2024, down by 30.3% compared to last year.

Breakdown of Home Sale Times

10 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Ottawa are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 15 homes were sold in Ottawa; 67% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

Newest Listings in Ottawa, IL

Nearby Markets to Ottawa, IL

What housing markets are near Ottawa, IL?